Oil Set for Weekly Rise on New Iran Sanctions
Oil prices rose to the highest in two weeks on Thursday after the United States imposed new sanctions to curb Iranian oil exports, elevating supply concerns.
Brent crude futures rose 47 cents, or 0.71%, to $66.32 a barrel by 1116 GMT, and U.S. West Texas Intermediate crude was at $63.02 a barrel, up 55 cents, or 0.9%.
Both benchmarks settled 2% higher on Wednesday at their highest levels since April 3 and are on track for their first weekly rise in three. Thursday is the last settlement day of the week ahead of the Easter holidays.
The new sanctions on Iranian oil exports and hawkish comments on the issue from the U.S. Treasury …
